People increasingly conduct their banking with digital methods, such as transactions at ATMs or online through a PC or cell phone, rather than going into a local bank or credit union and dealing face-to-face with staff. But have customers given up on traditional banking for their daily needs – such as interacting with bank tellers in person?
A surprisingly large number of people still bank with a real person, face-to-face.
For the Center’s upcoming study on digital banking and money, we asked people how often they interact with their primary bank or credit union through a staff member at a branch.
In-person banking: overall
- Overall, 24% of respondents said they bank face-to-face with staff at least weekly or more, and 55% said monthly or more. Only nine percent said they never did.
Weekly in-person banking
- The amount of weekly interaction with bank tellers does varies by age, but the differences are relatively small: the lowest percentages were reported by the youngest and oldest respondents: 18% of those aged 18-24 and 17% of those aged 65 and above said they go to their bank/credit union in person weekly or more.
- For those in their middle working years, the percentages of those who interact with bank tellers weekly or more are quite similar: 27% of 25-34 year olds, 28% of 35-44 year olds, and 29% of 45-54 years olds.
- Of those between the ages of 55 and 64, 24% visit their bank in person weekly or more.
Monthly in-person banking
- Compared to the responses for weekly in-person banking, percentages are larger for those who bank in-person monthly or more. On the low end of the age spectrum, 47% of those aged 18-24 said they go to their bank/credit union in person monthly or more.
- For everyone else, the percentages are roughly the same for monthly in-person banking: 56% of 25-34 and 55-64 year olds, 57% of 35-44 and 45-54 year olds, and 55% of those aged 65 or over.
Never bank in person
- How many people from the different age ranges never go in person to their bank or credit union? Thirteen percent of 18-24 and 25-34 year olds, 7% of 35-44 and 55-64 year olds, 9% of 45-54 year olds, and 8% of those aged 65 and above never go.
In sum, while for small percentages of people an in-person visit to their financial institution is a thing of the past, for many customers of all ages, actually going to the bank is far from dead.
The Center’s comprehensive report on digital banking and money will be released in early September. The findings include data on the use of ATMs and cash machines, which will explore in an upcoming Web Insight.
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August 1, 2017